“(But) we won’t be able to buy our way to 26-28 per cent and beyond. We will need a credible, durable and bipartisan carbon policy to achieve this target.”
What options are there for gas?
ESAA managing director of policy Kieran Donoghue said without any stable policy outlook, the future for gas remains in paralysis.
“It is almost impossible to evaluate where new gas developments sit without long-term consistency in the political spectrum on this issue. Whereas if we had that (policy) it would be easier to see how a new gas development would be consistent with the government’s policy ambitions,” he says.
“From the ESAA’s point of view, gas has the capability to play a valuable transitional role, though at this stage it is hard to know exactly what that will look like.”
The ESAA general manager listed emissions offset regimes and carbon capture storage technologies as two areas where gas could improve its suitability to a more climate-focused policy environment.